Rangers in Crisis

[bluetoo]

...or so it seems. Not sure of the implications but administration seems like a real possibility:

Rangers chairman Alastair Johnston has admitted that the club could go bust.

The admission came in the wake of recent talks with would-be owner Craig Whyte and half-yearly figures indicating that the club owes £29m.

Johnston insists that, when published in June, annual figures will show that debts have dropped to around £22m.

But he nodded in agreement when asked if it was possible for the club to go out of business if a decision over tax payments went heavily against them.

link to full story(too long to post) http://news.bbc.co.uk/sport1/hi/football/12932160.stm

 

[Cityfan]

Check date on link there has been a takeover since then.

 

[forevermancity]

one big almighty fail thread

 

[BoyBlue_1985]

Brilliant

 

[u2fme2]

they will be fine take my word

 

[cibaman]

Anyone know if the tax issue is specific to Rangers or something that could affect most clubs?

 

[Cityfan]

Anyone know if the tax issue is specific to Rangers or something that could affect most clubs?

I believe it is to do with the way they paid players offshore, I would guess it would depend on whether other clubs have done the same thing. Not sure though.

 

[bluetoo]

Check date on link there has been a takeover since then.

True....but further developments have seen Martin Bain making moves to sue the club for loss of potential earnings. As a result of which, courts have frozen approx £500k of RFC money. Presumably the money has been frozen to offset their inability to pay pending the outcome of HMRC's investigation into the clubs tax payments.

Judge Lord Hope reportedly froze £480,000 of Rangers' cash at a hearing at the Court of Session in Edinburgh on Tuesday, and said there was a "real and substantial risk of insolvency" if the club were to lose its battle with the taxman.

http://www.google.com/hostednews/uk...sjq8xGtGVSGKHW8Fw?docId=N0375541315992866217A
-- Sep 14th, '11, 14:22 --

one big almighty fail thread

Im afraid its not...

-- Sep 14th, '11, 14:32 --

they will be fine take my word

I would have thought so too but it seems they have been fooling people for too long pretending everything will be rosy. HMRC are closing in and it seems the courts have taken steps to protect monies which in all likelihood will have to be paid regardless of their tax bill. This begs the question, how many other bills do they have and will people have to pursue them in the same fashion?

 

[mad4city]

If either of the Auld Firm went tits up, I'd not miss them. In fact, Scottish football might be able to regenerate itself if they both went.

We can only hope...

 

[leighton]

The money is not there. I dont know why the bloke who bought Rangers bought when he did. He must of seen the books. You would of thought he would of waited for the club to be put in receivership and then take over the club for a fraction of what he paid for it. Yes they would of got points deductions but they would of still got a Europa league spot. Now they might be screwed who wants to buy a SPL club with the prizemoney so shit.

Celtic seem to be lucky to have Desmond on there board he wont let anything like that happen to Celtic while he is still on the board. Might not put millions into the club for players but you dont see the problems that Rangers have at Celtic.